BC MAR 189 18:12 FROU
1 TECH FADIZ
TO FCO NEWS
PAGE. DOE
TRANSCRIPT C HONG KONG SELECT COMMITTEE MEETING 22 MAR 89
TURNIG★ SEUKNJAKY (CORT):
They have had a whole range of familiarisation visitɛ
endeavouring to see what mkes Hong Kong tick for the sake of the
Juint Declaration and no doubt for wider reasons.
And that has been matched by the growth of Chinese
investment in Hong Kong. China may well now be the largest single
external investor in the Hong Kong economy. The Bank of China is
the second largest banking group in Hong Kong,
The China
International Trust and Investment Corporation has a 12.5 percent
stake in Cathay Pacific Airways. And of course when the Hong Kong
Future's Exchange was in trouble in 1987, the Bank of China
participated substantially in the rescue package for that.
And as you say, the New China News Agency has been there. It
has long bad extensive links with Hong Kong society which have
strengthened, and it has in that sence played some of the
functions that a large Embassy would traditionally play.
I think I can say that the number of Chinese officials who
came to Hong Kong in 1988 was 10,000 so it is a very substantial
luvolvement.
On the political groupinge, there is no evidence that the
Chinese oppose the trend towards formation of political groupinge
because they are seen, I think, as being in accordance with the
Right of Association which is identified in the draft Basic Law.
But quite in what way and on what scale they will develop I think will depend upon the perceptions of the people of Hong Kong.
No comments yet.
Private notes are available after approval.